TPG Capital raises buyout offer for medical device maker Exactech to $737 mn

Private equity firm TPG Capital yesterday raised its buyout cash offer for Exactech Inc to $737 million and the board of the US-based medical device maker agreed to the amended terms, saying the offer was in the best interests of shareholders.

Florida-based Exactech said that TPG Capital raised its offer to $49.25 per share, an increase of 17.3 per cent to its 23 October offer of $42 per share.

The sweetener came after Exactech received an unsolicited bid from another private equity firm, according to company's securities filings.

Following the announcement of TPG Capital's revised offer, the company's stock closed up by 19 per cent at $50.42.

Exactech's founders, CEO and other management shareholders have agreed with TPG to vote their collective 18.8 per cent of the company's stock to the revised offer.

TPG has arranged fully committed equity financing and there is no financing condition for the acquisition, which is expected to close during the first quarter of 2018.

Exactech was founded in 1985 by orthopedic surgeon Dr. Bill Petty, his wife Betty and biochemical engineer Gary Miller, PhD.

Based in Gainesville, Florida, Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians.

Exactech's orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis.

It employs more than 700 people and markets its products in the US, and to more than 30 markets in Europe, Latin America, Asia and the Pacific.